This article focuses on a shift in the billable hour paradigm and how law firms and clients must look forward and focus on the outcomes that are desired, rather than looking backwards at the cost of production. The billable hour has diametrically opposed functions for both sides in the relationship: (1) unit of production and (2) basis of profitability. Not until both sides understand that you can't have the same unit serving dual purposes, will they truly understand alternative fees and value-based relationships. This article delves into what is required to establish a new model for law firm economics.
This ACC Value Challenge resource is part 2 of a 3 part series. To view the other resources in this series, please click here:
ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)
ACC Value Challenge: Facing Up to the Challenge - The Transition (Part 3)